Auto Flag Distribution Days

This script automatically flags distribution days. Distribution days are defined as any day that is down -0.2% or greater on heavier volume than the previous day. Distribution days are counted on the major indexes ( S&P 500 , NASDAQ, NYSE, etc...) within the CANSLIM methodology.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
study("My Script", overlay=true)
is_down_bar = change(close) < (close[1] * -0.002) ? true : false
is_volume_up = change(volume) > 0 ? true : false
is_distribution = is_down_bar and is_volume_up ? true : false